Philip Morris International Inc.

PM 10-K · FY 2025

PM FY 2025 request

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Income Statement

Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 40,648 37,878 +7.3%
Show Product Lines breakouts
Combustible Tobacco Products 23,794 23,218 +2.5%
Combustible Tobacco Products · Americas 2,163 2,255 -4.1%
Combustible Tobacco Products · EA, AU & PMI GTR 2,415 2,516 -4.0%
Combustible Tobacco Products · Europe 8,984 8,599 +4.5%
Combustible Tobacco Products · SSEA, CIS & MEA 10,233 9,848 +3.9%
Smoke-Free Products 16,854 14,660 +15.0%
Smoke-Free Products · Americas 2,691 2,279 +18.1%
Smoke-Free Products · EA, AU & PMI GTR 4,217 3,877 +8.8%
Smoke-Free Products · Europe 8,127 7,091 +14.6%
Smoke-Free Products · Europe 238 333 -28.5%
Smoke-Free Products · SSEA, CIS & MEA 1,818 1,413 +28.7%
Show Business Segments breakouts
Americas 4,854 4,534 +7.1%
EA, AU & PMI GTR 6,632 6,393 +3.7%
Europe 17,111 15,690 +9.1%
SSEA, CIS & MEA 12,051 11,261 +7.0%
Show Geography breakouts
JP · Geographic Concentration Risk 4.2 4.1 +2.4%
Show Counterparty Name breakouts
Megapolis · Related Party 2,805 2,393 +17.2%
Other · Related Party 1,777 1,483 +19.8%
Show Related Party Transactions By Related Party breakouts
Related Party 4,582 3,876 +18.2%
Cost of Revenue 13,366 13,329 +0.3%
Show Business Segments breakouts
Americas 1,714 1,531 +12.0%
EA, AU & PMI GTR 1,961 2,011 -2.5%
Europe 4,501 4,474 +0.6%
SSEA, CIS & MEA 5,190 5,313 -2.3%
Gross Profit 27,282 24,549 +11.1%
Marketing Administration And Research Costs 12,349 11,147 +10.8%
Show Business Segments breakouts
Americas 2,635 2,455 +7.3%
EA, AU & PMI GTR 1,545 1,504 +2.7%
Europe 5,404 4,669 +15.7%
SSEA, CIS & MEA 2,765 2,519 +9.8%
Goodwill Impairment Loss 41
Show Business Segments breakouts
Europe 41
Operating Income 14,892 13,402 +11.1%
Show Business Segments breakouts
Americas 505 548 -7.8%
EA, AU & PMI GTR 3,126 2,878 +8.6%
Europe 7,165 6,547 +9.4%
SSEA, CIS & MEA 4,096 3,429 +19.5%
Interest Income Expense Nonoperating Net 966 1,143 -15.5%
Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component 46 60 -23.3%
Show Retirement Plan Type breakouts
Other Postretirement Benefit Plans Defined Benefit 16 13 +23.1%
Pension Plans Defined Benefit -88 -76 -15.8%
Postemployment Retirement Benefits 118 123 -4.1%
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments 13,880 12,199 +13.8%
Income Tax Expense (Benefit) 2,737 3,017 -9.3%
Show Geography breakouts
DE -89
ID 39
Show Implementation Plan Name [Axis] breakouts
RBH Plan Implementation 166
Show Business Acquisition breakouts
Swedish Match AB -384
Show Valuation Allowance By Deferred Tax Asset breakouts
Valuation Allowance U.S. Foreign Tax Credits 50
Income Loss From Equity Method Investments -705 -637 -10.7%
Net Income 11,848 7,503 +57.9%
Show Equity Components breakouts
Noncontrolling Interest 500 446 +12.1%
Retained Earnings 11,348 7,057 +60.8%
Net Income Loss Attributable To Noncontrolling Interest 500 446 +12.1%
Net Income 11,348 7,057 +60.8%
EPS (Basic) 7.27 4.53 +60.5%
EPS (Diluted) 7.26 4.52 +60.6%
Research & Development 756 759 -0.4%
Interest Expense 1,587 1,763 -10.0%
Interest Income -621 -620 -0.2%
Comprehensive Income 10,366 7,558 +37.2%
Wtd Avg Shares (Basic) 1,556 1,554 +0.1%
Wtd Avg Shares (Diluted) 1,558 1,556 +0.1%
Foreign Currency Transaction Gain Loss Before Tax 178 302 -41.1%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax -89 439 -120.3%
Net Income Loss Available To Common Stockholders Basic 11,316 7,034 +60.9%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 4,872 4,216 +15.6%
Show Geography breakouts
RU 2.3
Accounts Receivable 4,572 3,789 +20.7%
Show Counterparty Name breakouts
Megapolis · Related Party 568 405 +40.2%
Other · Related Party 271 286 -5.2%
Show Related Party Transactions By Related Party breakouts
Related Party 839 691 +21.4%
Other Receivables Net Current 1,238 886 +39.7%
Inventory 11,478 9,453 +21.4%
Other Assets Current 2,203 1,826 +20.6%
Total Current Assets 24,363 20,170 +20.8%
Non-Current Assets
Goodwill 17,264 16,600 +4.0%
Show Business Segments breakouts
Americas 8,823 8,749 +0.8%
EA, AU & PMI GTR 461 470 -1.9%
Europe 4,779 4,130 +15.7%
SSEA, CIS & MEA 3,201 3,251 -1.5%
Long Term Investments 2,891 2,654 +8.9%
Deferred Tax Assets 1,247 940 +32.7%
Other Non-Current Assets 4,139 2,783 +48.7%
Total Assets 69,185 61,784 +12.0%
Show Geography breakouts
RU 4.8
Operating Lease Right-of-Use Assets 679 585 +16.1%
Show Property Plant And Equipment By Type breakouts
Other Assets 679 585 +16.1%
Intangible Assets 6,108 6,881 -11.2%
Show Finite Lived Intangible Assets By Major Class breakouts
Contractual Rights 1,851 2,407 -23.1%
Customer relationships and other 2,816 2,991 -5.9%
Developed Technology Rights 198 199 -0.5%
Trademarks 1,243 1,284 -3.2%
Other Assets
Inventory Leaf Tobacco 2,425 2,080 +16.6%
Inventory Raw Materials Net Of Reserves 2,223 2,261 -1.7%
Inventory Finished Goods Net Of Reserves 6,830 5,112 +33.6%
Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization 19,616 16,685 +17.6%
Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization 11,219 9,375 +19.7%
Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization 8,397 7,310 +14.9%
Intangible Assets Net Excluding Goodwill 10,884 11,327 -3.9%
Current Liabilities
Long Term Debt And Capital Lease Obligations Current 3,533 3,392 +4.2%
Accounts Payable 4,407 3,952 +11.5%
Show Counterparty Name breakouts
Other · Related Party 37 60 -38.3%
Show Related Party Transactions By Related Party breakouts
Related Party 37 60 -38.3%
Accrued Marketing Costs Current 1,354 1,015 +33.4%
Sales And Excise Tax Payable Current 7,555 6,904 +9.4%
Employee Related Liabilities Current 1,545 1,305 +18.4%
Dividends Payable Current 2,312 2,120 +9.1%
Other Accrued Liabilities Current 3,298 2,832 +16.5%
Accrued Income Taxes Current 1,255 1,258 -0.2%
Total Current Liabilities 25,427 22,915 +11.0%
Non-Current Liabilities
Deferred Tax Liabilities 2,065 2,517 -18.0%
Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent 2,406 2,940 -18.2%
Other Non-Current Liabilities 2,181 1,116 +95.4%
Total Liabilities 77,213 71,654 +7.8%
Operating Lease Liabilities 526 427 +23.2%
Other Liabilities
Short Term Borrowings 168 137 +22.6%
Show Short Term Debt Type breakouts
Bank Loan Obligations 168 137 +22.6%
Long Term Debt And Capital Lease Obligations 45,134 42,166 +7.0%
Stockholders' Equity
Additional Paid In Capital Common Stock 2,453 2,335 +5.1%
Retained Earnings 35,400 32,869 +7.7%
Accumulated Other Comprehensive Income -12,296 -11,314 -8.7%
Stockholders Equity Before Treasury Stock 25,557 23,890 +7.0%
Treasury Stock Value 35,551 35,640 -0.2%
Total Stockholders' Equity -9,994 -11,750 +14.9%
Minority Interest 1,966 1,880 +4.6%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest -8,028 -9,870 +18.7%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -1,405 -2,461 +42.9%
Accumulated Gain Loss Net Cash Flow Hedge Parent 284 467 -39.2%
Accumulated Other Comprehensive Income -12,296 -11,314 -8.7%
Accumulated Translation Adjustment -11,175 -9,320 -19.9%
Additional Paid In Capital 2,453 2,335 +5.1%
Noncontrolling Interest 1,966 1,880 +4.6%
Retained Earnings 35,400 32,869 +7.7%
Treasury Stock Common -35,551 -35,640 +0.2%
Total Liabilities & Equity 69,185 61,784 +12.0%
Land And Land Improvements 562 581 -3.3%
Buildings And Improvements Gross 5,050 4,391 +15.0%
Machinery And Equipment Gross 12,533 10,632 +17.9%
Construction In Progress Gross 1,471 1,081 +36.1%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Depreciation & Amortization 1,996 1,787 +11.7%
Show Business Segments breakouts
Americas 950 748 +27.0%
EA, AU & PMI GTR 194 173 +12.1%
Europe 558 562 -0.7%
SSEA, CIS & MEA 294 304 -3.3%
Goodwill And Intangible Asset Impairment 41 27 +51.9%
Disposal Group Not Discontinued Operation Gain Loss On Disposal Including Tax 94 206 -54.4%
Deferred Income Taxes -847 -123 -588.6%
Restructuring Costs And Asset Impairment Charges 206 122 +68.9%
Increase Decrease In Receivables -448 -738 +39.3%
Change in Inventory -1,201 552 -317.6%
Change in Accounts Payable 258 297 -13.1%
Increase Decrease In Accrued Liabilities And Other Current Assets -151 628 -124.0%
Increase Decrease In Accrued Income Taxes Payable -266 -62 -329.0%
Defined Benefit Plan Plan Assets Pension Plan Contributions Net Of Refunds -139 -110 -26.4%
Show Retirement Plan Type breakouts
Other Postretirement Benefit Plans Defined Benefit 13 14 -7.1%
Pension Plans Defined Benefit 139 110 +26.4%
Increase Decrease In Other Operating Capital Net 842 -188 +547.9%
Net Cash from Operations 12,233 12,217 +0.1%
Investing Activities
Capital Expenditures -1,569 -1,444 -8.7%
Proceeds From Divestiture Of Businesses 30 136 -77.9%
Purchases of Investments -202 -132 -53.0%
Proceeds From Sale And Maturity Of Available For Sale Securities 116
Payments To Acquire Equity Method Investments -63 -124 +49.2%
Collateral For Derivatives Paidreturned Investing Activities -2,274 351 -747.9%
Other Investing Activities -5 78 -106.4%
Net Cash from Investing -3,967 -1,092 -263.3%
Financing Activities
Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less 19 -1,461 +101.3%
Proceeds From Short Term Debt Maturing In More Than Three Months 170 100 +70.0%
Repayments Of Short Term Debt Maturing In More Than Three Months -170 -433 +60.7%
Proceeds From Issuance Of Long Term Debt 7,055 8,142 -13.4%
Repayments Of Long Term Debt -5,368 -4,803 -11.8%
Payments Of Dividends -8,624 -8,197 -5.2%
Collateral For Derivatives Received Returned Financing Activities -693 828 -183.7%
Proceeds From Payments For Other Financing Activities -521 -489 -6.5%
Net Cash from Financing -8,132 -9,481 +14.2%
Supplemental
Interest Paid 1,688 1,559 +8.3%
Income Taxes Paid 3,852 3,178 +21.2%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations 504 -536 +194.0%
Net Change in Cash 638 1,108 -42.4%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 4,892 4,254 +15.0%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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